Liberty Mutual Group Asset Management Inc. boosted its position in Time Inc. (NYSE:TIME) by 4.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,706 shares of the company’s stock after buying an additional 2,020 shares during the period. Liberty Mutual Group Asset Management Inc.’s holdings in Time were worth $865,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in TIME. Geode Capital Management LLC raised its stake in shares of Time by 7.0% in the first quarter. Geode Capital Management LLC now owns 785,684 shares of the company’s stock worth $15,202,000 after buying an additional 51,338 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Time during the first quarter worth $2,958,000. Meeder Asset Management Inc. raised its stake in shares of Time by 22.2% in the first quarter. Meeder Asset Management Inc. now owns 43,511 shares of the company’s stock worth $842,000 after buying an additional 7,892 shares in the last quarter. Thrivent Financial For Lutherans raised its stake in shares of Time by 0.6% in the first quarter. Thrivent Financial For Lutherans now owns 2,696,769 shares of the company’s stock worth $52,182,000 after buying an additional 14,830 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Time by 4.6% in the first quarter. Legal & General Group Plc now owns 180,944 shares of the company’s stock worth $3,502,000 after buying an additional 7,891 shares in the last quarter. Institutional investors own 90.91% of the company’s stock.
Shares of Time Inc. (NYSE TIME) traded up 2.53% during mid-day trading on Monday, reaching $14.20. 1,335,085 shares of the company’s stock traded hands. The company’s market cap is $1.41 billion. The company’s 50 day moving average is $13.79 and its 200 day moving average is $16.65. Time Inc. has a 12-month low of $11.65 and a 12-month high of $20.40.
Time (NYSE:TIME) last announced its quarterly earnings results on Wednesday, May 10th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.03. The company had revenue of $636 million during the quarter, compared to analysts’ expectations of $641.85 million. Time had a negative net margin of 2.18% and a positive return on equity of 7.30%. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.11) EPS. On average, analysts predict that Time Inc. will post $1.18 EPS for the current fiscal year.
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TIME has been the subject of a number of recent research reports. Macquarie downgraded shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 price objective for the company. in a research report on Thursday, June 15th. Zacks Investment Research raised shares of Time from a “sell” rating to a “hold” rating in a research report on Wednesday, April 26th. ValuEngine downgraded shares of Time from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub raised shares of Time from a “strong sell” rating to a “sell” rating in a research report on Friday, June 9th. Finally, Wells Fargo & Company downgraded shares of Time from an “outperform” rating to a “market perform” rating in a report on Friday, April 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $15.33.
In other Time news, Director Dennis J. Fitzsimons purchased 3,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The shares were purchased at an average price of $11.99 per share, for a total transaction of $35,970.00. Following the completion of the acquisition, the director now owns 30,674 shares of the company’s stock, valued at approximately $367,781.26. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ronald S. Rolfe acquired 2,000 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were purchased at an average price of $12.85 per share, for a total transaction of $25,700.00. Following the purchase, the director now directly owns 32,147 shares of the company’s stock, valued at $413,088.95. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 6,000 shares of company stock worth $74,600. 1.92% of the stock is owned by corporate insiders.
Time Company Profile
Time Inc is a media and content company. The Company offers a portfolio of news and lifestyle brands across a range of interest areas. As of December 31, 2016, the Company’s brands included People, Time, Fortune, Sports Illustrated, InStyle, Real Simple, Southern Living, Entertainment Weekly, Food & Wine, Travel + Leisure and Essence, as well as approximately 50 titles in the United Kingdom.
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